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Cash-strapped California gets help from CU
SACRAMENTO, Calif. (3/25/09)--Even states can turn to their credit unions when strapped for cash in tough times. The state of California got a boost from Sacramento-based The Golden 1 CU, when the credit union bought $500 million in short-term "revenue anticipation notes" in a private placement deal Monday with the state Treasurer's Office. By conducting a private placement with the $6.9 billion asset credit union, the state reduced to $1.5 billion the amount of borrowing it must do to meet its cash-flow needs through the 2008-2009 fiscal year, (Sacramento Business Journal and Dow Jones via The Wall Street Journal March 23). The Golden 1 is charging the state 2.2% interest. The notes will mature on June 23, said a release from the Treasurer's Office. The state also began a two day $4 billion general obligation bond offering Monday and sold $2.4 billion to individual investors.
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